In a move reflecting India’s fast-growing clean-energy manufacturing sector, Avaada Electro, the solar manufacturing arm of Brookfield-backed Avaada Group, has filed a confidential DRHP with Sebi to raise capital via initial public offering (IPO) route. The clean energy firm looks to raise around ₹9,000–₹10,000 crore via IPO, according to industry sources.

The IPO is expected to include a mix of fresh issuance and offer-for-sale (OFS) by existing shareholders. Proceeds are likely to fund capacity expansion in high-efficiency solar cell and module manufacturing, including a 5.1 GW integrated facility in Uttar Pradesh and a scale-up of its Butibori plant in Maharashtra.

Avaada Electro ranks among India’s largest solar PV module manufacturers by operational capacity as of September 30, 2025. The company is enlisted under the approved list of models and manufacturers (ALMM) and has established a strong presence in the high-efficiency module market. It is part of the diversified Avaada Group, which spans solar PV manufacturing, renewable power generation, green hydrogen and derivatives, pumped hydro and battery storage, and green data centres.

The group, backed by Brookfield Renewable Partners and Thailand’s GPSC (PTT Group), raised over $1.3 billion in 2023 to fund expansion across solar, hydrogen, battery storage, and green ammonia verticals.

A key part of Avaada Electro’s growth is its Butibori Super Factory near Nagpur, listed under the ALMM by the MNRE. The plant makes high-efficiency bifacial TopCon G12 modules (up to 720 Wp) and G12R modules (up to 630 Wp), among the most efficient solar modules available in India.

It currently has a 7 GW operational module capacity, with plans to reach 6 GW of solar-cell manufacturing capacity by Fiscal 2026, enabling fully integrated domestic production and positioning India prominently on the global solar map.

Avaada Electro’s combined operational capacity across its Uttar Pradesh and Maharashtra facilities stands at 8.5 GW, with plans to scale to 13.6 GW of module capacity and 12 GW of cell capacity over the next two fiscal years. The company holds global certifications, including BIS, IEC, UL, and ISO, and its N-type TOPCon technology modules meet international efficiency benchmarks.

Commercial production at its Dadri facility began in September 2024, raising total operational capacity from 1.5 GW to 8.5 GW by September 2025 after commissioning the Nagpur plant—a 5.7-fold increase in just 12 months.

Avaada Electro is also developing a fully integrated Super Factory at Nagpur to achieve 6 GW of operational TOPCon cell capacity by fiscal 2026, expanding to 12 GW by fiscal 2027, alongside infrastructure for 3 GW of ingot and wafer production.

Once operational, its domestic manufacturing capabilities are expected to qualify under List II of the ALMM, further boosting market opportunities. The MNRE’s plan to include solar wafers under ALMM from June 2028 is also seen as a catalyst for complete domestic solar value-chain localisation.

Industry data indicates that annual solar PV demand in India is projected to more than double between FY 2026 and FY 2030, exceeding 40 GW per year, while high-efficiency TOPCon cell capacity remains limited domestically. Analysts note that evolving Chinese regulations—such as anti-involution measures and stricter power-consumption standards—may phase out lower-quality overcapacity, narrowing the pricing gap between Indian and Chinese producers, and enhancing India’s cost competitiveness and export potential.

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